Where High-Earning Households Are Moving – 2024 Study

🌈 Abstract

The article examines the migration patterns of high-income households (earning $200,000 or more annually) across different U.S. states, based on the latest IRS data. It identifies the states that gained the most high-income households as well as those that lost the most.

🙋 Q&A

[01] Key Findings

1. What are the key findings from the analysis?

• Florida gained the most high-income households, with a net inflow of 29,771 households.
• Texas ranked second, with a net gain of 8,260 high-income households.
• The Carolinas (North Carolina and South Carolina) also saw significant net gains of high-income households.
• California and New York lost the most high-income households, with net outflows of 24,670 and 12,040 households, respectively.
• High-income households moving into states like Wyoming, Nevada, and New Hampshire had significantly higher average incomes compared to those moving out.

[02] Top Gaining States

1. What were the top 10 states that gained the most high-income households?

• Florida
• Texas
• North Carolina
• South Carolina
• Arizona
• Tennessee
• Nevada
• Idaho
• Colorado
• New Hampshire

2. What were the key statistics for the top gaining states?

• The net inflow of high-income households, the inflow and outflow numbers, and the average household income (AGI) of high-income households moving in and out of each state.

[03] Top Losing States

1. What were the top 10 states that lost the most high-income households?

• California
• New York
• Illinois
• Massachusetts
• New Jersey
• Pennsylvania
• Maryland
• Virginia
• Minnesota
• Washington

2. What were the key statistics for the top losing states?

• The net outflow of high-income households, the inflow and outflow numbers, and the average household income (AGI) of high-income households moving in and out of each state.

[04] Data and Methodology

1. How did the study define and identify high-income households? The study defined high-income households as those with an adjusted gross income (AGI) of $200,000 or more.

2. What data source was used for the analysis? The analysis was based on the latest IRS data, which came from the 2021-2022 tax year.

3. How was the net migration of high-income households calculated for each state? The net migration was calculated by comparing the inflow of qualifying high-income households to the outflow in each state.